Local gas cost falls to $3.64
Gas prices in the Pittsburgh area has dropped 5 cents since last week, ending up at $3.64 per gallon, according to GasBuddy.com. Nationwide, the per gallon price settled at $3.58, down 3 cents from the week before. Analysts at GasBuddy.com are predicting a "quiet week" ahead, with gas prices for most of the country remaining relatively even. The Great Lakes region, however, may see a spike, the website warned.
Accounting issue will delay RTI's second quarter results
RTI International Metals Monday said it notified the Securities and Exchange Commission that it would delay reporting its financial results for the second quarter due to the previously announced review of its policy for recognizing revenue from certain energy market projects. The company said it would complete the review and make its second-quarter filing "as soon as practicable." RTI reported preliminary results for the quarter late last month. The Moon titanium producer Monday reaffirmed its revenue and earnings guidance for the full year.
Pinnacle Foods to buy Wish-Bone for $580M
Pinnacle Foods Inc., the maker of Hungry Man dinners that is majority-owned by Blackstone Group LP, agreed to buy Unilever's Wish-Bone unit for $580 million.
Unidentified firm tops Kohlberg's bid for Steinway
Steinway Musical Instruments Inc. said Monday that an investment firm it would not identify has offered to pay $38 per share, or about $477 million, for the company. That tops an earlier bid of $438 million, from Kohlberg & Company, which has until Wednesday to lay out a better bid.
CEO will buy Dole Food at $13.50 per share
Dole Food said Monday its CEO will take it private in a deal that values the company at approximately $1.21 billion. Dole shareholders will receive $13.50 per share, a 5 percent premium to its $12.81 Friday closing price. This is a sweetened bid for the fresh fruits and vegetable business, up from the $12 per share Chairman and CEO David Murdock offered in June.
• United-American Savings Bank, South Side, said net income jumped 60 percent for the three months ended June 30 to $134,000 compared with $84,000 in the same period last year. Per-share earnings rose 55 percent to 45 cents from 29 cents.
• Community Bank in Carmichaels reported second-quarter profits slipped 3 percent to $1.03 million from $1.06 million a year earlier.
BlackBerry considers sale
BlackBerry Ltd., the struggling Canadian smartphone maker, is considering putting itself up for sale after the lackluster debut of the BlackBerry 10 lineup dimmed its prospects as an independent company. A special board committee will consider ways to enhance BlackBerry's value and scale, including joint ventures, partnerships or a sale of the company, according to a statement Monday.
Campbell Soup nears deal to sell to CVC Capital Partners
Campbell Soup says it's in final negotiations to sell its European business to private equity firm CVC Capital Partners for an undisclosed sum, the latest move by CEO Denise Morrison to reshape the company. The deal doesn't include products in the United Kingdom and Ireland or the export of its Pepperidge Farm baked goods.
From staff and wire reportsbusinessnews